Tracking: Where did most of the assets of Plustoken go?

Original title: Huobi's involvement in the PlusToken Ponzi scheme

Source: The Block


Although the fund project PlusToken collapsed in June this year, billions of assets were involved in it, and countless people lost their money. However, the question of how many assets are involved and how many have been sold by the project side is still hazy.

The collapse and impact of this scam has attracted a lot of attention, but different institutions and researchers have different research results on the incident.

According to the tracking of blockchain analysis company Chainalaysis, a total of 180,000 BTC (about 1.3 billion U.S. dollars), 6.4 million Ethereum (about 814 million U.S. dollars), and 111,000 USDT entered the PlusToken wallet.

Elementus, another analytics firm, estimates that PlusToken collected nearly 10 million Ethereum from approximately 800,000 participants. According to independent researcher ErgoBTC, it traced as many as 93,900 BTCs related to the address of Plustoken, and these BTC parts have been sent to the trading platform.

However, how many assets are returned to PlusToken users and how many assets are retained by the PlusToken organizer. The analysis company and researchers have not reached an agreement, but from the information disclosed, many trading platforms have been involved. Huobi is one of them.

Elementus found that 48% of all ETH withdrawn from the PlusToken wallet was sent to Huobi. In addition,, Upbi, OKEx, and other trading platforms are one of the transfer destinations.

According to the analysis of ErgoBTC, from the figure below, it can be found that on the day of November 20, 2,508 BTC were sent to the address labeled Huobi, and on November 22, 1873 BTC were sent to the address labeled Huobi. Although the transactions sent to the Huobi platform address continue, the speed has dropped significantly from mid-November to early this month.

In addition, Chainalysis's analysis also found that "almost all funds" were transferred to the address of Huobi Global's OTC broker. Although this part of the OTC broker has been operating independently, this part of the address can still be marked out.

A report caused a slump

On December 17, bitcoin plunged below $ 6,900 in the early morning, and some traders said that the reason for the plunge was triggered by a Chainlysis report on PlusToken.

According to Coindesk, Chainalysis's report was released on Monday, and the report states that 20,000 Bitcoin and 790,000 Ethereum are still under the control of people associated with the PlusToken scam. Traders believe that this conclusion caused a panic in the market, which led to the plunge.

Original link:

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano Is it Going to Zero? ADA Price Slips Amidst Crypto Market Rally – Will This Mining Protocol Go Viral?

Will Cardano's Growth in Valuation Lead to a Collapse or a Surge? Expert Predicts ADA Price in Light of Record-Breaki...


Is Bitcoin’s Uptrend at Risk? Analyst Issues Witty Warning as Altcoins Surge

The future of BTC price is uncertain due to the decline in crypto market dominance. A major reversal for Bitcoin is p...


Interpreting the Performance of 14 L1 Public Chains in Q1: Stacks Emerges as Dark Horse, Network Usage Rate Generally Decreases

After the running-in period, various public chains have entered the "internal competition" stage.


Cardano's DeFi Ecosystem Flourishes Total Value Surges to Almost $450M as ADA Rockets 17% on Layer 1 Push!

This week, the total value locked (TVL) of Cardano-based tokens skyrocketed to more than $440 million, surpassing the...


Crypto Analyst's Prediction Bitcoin to $100,000, Cardano Declared Dead

In a recent statement, Tom Dunleavy, esteemed Partner and CIO at MV Capital, provided insightful reasoning behind his...


Cardano Price Prediction: ADA Set for Spectacular Gains Post-Bitcoin Halving – Future Millionaire Maker?

Cardano gains 4% in 24 hours, reaching $0.383747 amidst a 2.5% marketwide increase.